Sales and Use Tax audits by the California Tax and Fee Administration

Gregory Blake CPA, ABV   Many businesses, especially dentists and doctors, are seeing an increase in Sales and Use Tax audits by the California Tax and Fee Administration (CDTFA.)  This is the result of Assembly Bill (AB) No. 147 (Stats. 2019, ch. 5) which requires out-of-state retailers with no physical presence in California to collect use tax, if during the preceding or current calendar year, the total combined sales of tangible personal property delivery to California by the retailer...Read More

To entertain or not to entertain…

The Tax Cuts and Jobs Act implemented changes that were enormously beneficial for our clients in 2018.  The basic condensing of tax brackets and lowering of just about all tax rates, as well as the vastly improved AMT exemptions, proved to lower the marginal tax rates for a large majority of our client base.  The implementation of the Qualified Business Income Deduction also served to lower the amount of taxes paid by many.  But before I sing the bill’s praises too loudly, I must mention...Read More

The Qualified Business Income Deduction Made Simple

When the Tax Cuts and Jobs Act was signed into law by President Trump on December 22, 2017 the tax landscape for practice owners changed dramatically. Not only did the personal tax brackets change significantly, the bill also introduced a brand-new provision to reduce tax on passthrough income; the Qualified Business Income Deduction. As with most things tax related, the provision and eligibility requirements are not simple. But fear not, we have waded through the deep waters of the law and...Read More

2017 Tax Law Update

The dust is starting to settle. After months and months of wonder, analysis, calculations, re-calculations, and useless predictions we now have something fairly solid to stand on. While the new tax bill, The Tax Cuts and Jobs Act, has not yet been signed by the President it has been approved by both the House and the Senate and we fully expect it to be signed into law soon. The good news is that there is still some time left before year-end to take action. Each taxpayer will be affected a...Read More
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